Non-Fungible Token Craze Explodes Despite DeFi Market Woes

Non‑fungible tokens are a special type of token on the Ethereum network primarily using the ERC-721 and ERC-1155 algorithm standards to create verifiable digital scarcity. A new DeFi platform called Shroom Finance is aiming to build a decentralized ecosystem for in-game asset trading and minting though the issuance of NFTs.

Shroom Finance Bolsters NFT Frenzy

The concept is built upon DeFi liquidity farming which has attracted billions of dollars into the nascent industry over the past few months. The team behind Shroom Finance has revealed very little in its only blog post to date but has big ambitions in the NFT and gaming space. It did state that a DEX has been planned in addition to ‘other exciting innovations bridging gaming and DeFi.’ The post added that work on the user interface has been completed and smart contracts are being evaluated. There is also very little information on its tokenomics other than a fixed supply of 60 million SHROOMS and a secondary token to encourage initial liquidity. The team claims that there will be a larger marketing effort in the coming days. Popular cryptocurrency analyst, Josh Rager, who has over 86,000 followers on Twitter, gave the project a massive endorsement specifically referring to token prices;

Let's just say NFTs are one of the hottest trends to hit 2020

And Shroom Finance team is building a decentralised ecosystem for in-game assets trading and minting. This includes NFTs (ERC-721, ERC-1155) and ERC-20 token standards.

I'm really bullish on $SHROOM for long term

— Josh Rager 📈 (@Josh_Rager) September 21, 2020

All shilling aside, SHROOM prices surged almost 300% from $0.018 to $0.072 over the past few hours since the tweet according to Uniswap.

MEME On Fire

Comparisons have been made to MEME, which is a token that allows users to ‘grow Pineapples’ and redeem them for NFT crypto art. Meme enables users to stake its native tokens to farm limited edition crypto art which can then be resold on the open market. The latest batch of crypto art has sold like hotcakes as investors and DeFi whales jump into the latest craze. This has resulted in a massive surge in MEME token prices which have pumped 325% to hit an all-time high of over $1,500 in just three days. The move did not go unnoticed among the industry experts;

All of DeFi 🔻🔻🔻🔻$MEME 🚀🚀🚀

Up by +60% in 1 day when everything else is red bc of Poloniex listing and hype around NFT drops apparently.. but pretty crazy still. Any other theories? pic.twitter.com/wnxVwrxiek

— Camila Russo (@CamiRusso) September 21, 2020

Crypto markets and popular DeFi tokens may be in freefall, but NFTs are exploding in value while expanding markets for crypto art and gaming assets.